These are express through the and (GEO post) or the Austrian post Poste parcel of national postal companies such as Royal Mail (GLS), La (trans-o-flex) added. There is also the highly fragmented local courier services. Historically the express market shows a growth of approx. 2-3 x BSP and expectations for the next few years are correspondingly positive. Compared to the other sectors of logistics, the margins at a high level vary depending on the competitors between 9-15% (EBITDA margin). This margin levels can only within an own network generated, which represents a high barrier to entry for investors due to significant initial investment.
Even the large integrators have grown into historically primarily organic geographical markets, since no networks of sufficient size were available and an integration after acquisition in this group and in particular IT structures is extremely complex. So, who are the main reasons that financial investors, especially on smaller niche players focus in the express and Kourierbereich the size decades grown, dominant players and the cyclical nature of the sector. Even when the potential target company TNT Express is all ahead of UPS above all strategic interest due to the expected transaction volume of 5 to 7 billion probably. Distribution when compared to these market segments, can be observed, also multiple secondary buyouts in the distribution segment for a long time transactions with participation of financial investors. Motifs differ depending on the industry focus.
In the food segment, the relative independence is particularly appreciated by economic cycles while especially in chemical and electrical distributors EBITDA margins up to 18% for demand. A cross-industry argument is fragmented supplier structure, is the main reason for the interest of financial investors in the distribution segment. The target companies were historically seen as platforms for market consolidation and hence growth and increased acquisitions in the following years, and partly internationalised. In the case of Brenntag was the capital market exit (2010) for BC partners the final destination after a secondary buyout the company was acquired by Bain Capital in 2006 and bought a variety of smaller companies worldwide in the meantime.